Reservoir Media (NASDAQ:RSVR) Shares Gap Up on Strong Earnings

Reservoir Media, Inc. (NASDAQ:RSVR)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $8.13, but opened at $8.85. Reservoir Media shares last traded at $8.67, with a volume of 4,872 shares changing hands.

The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.02 by $0.06. Reservoir Media had a negative net margin of 0.22% and a positive return on equity of 0.85%.

Wall Street Analysts Forecast Growth

Separately, B. Riley increased their price objective on shares of Reservoir Media from $11.50 to $12.50 and gave the stock a “buy” rating in a research note on Thursday, October 31st.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in Reservoir Media by 2.3% in the third quarter. Geode Capital Management LLC now owns 620,941 shares of the company’s stock worth $5,037,000 after acquiring an additional 13,836 shares during the period. State Street Corp increased its position in shares of Reservoir Media by 1.7% during the 3rd quarter. State Street Corp now owns 374,862 shares of the company’s stock worth $3,040,000 after purchasing an additional 6,410 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Reservoir Media by 58.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 231,113 shares of the company’s stock valued at $1,824,000 after buying an additional 85,457 shares during the period. Renaissance Technologies LLC raised its holdings in Reservoir Media by 134.9% in the 2nd quarter. Renaissance Technologies LLC now owns 70,700 shares of the company’s stock valued at $559,000 after buying an additional 40,600 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in Reservoir Media by 113.2% in the third quarter. Exchange Traded Concepts LLC now owns 67,930 shares of the company’s stock valued at $551,000 after buying an additional 36,068 shares during the last quarter. Hedge funds and other institutional investors own 44.38% of the company’s stock.

Reservoir Media Trading Up 2.1 %

The company has a market cap of $541.33 million, a PE ratio of -414.79, a price-to-earnings-growth ratio of 11.87 and a beta of 0.92. The company’s 50 day simple moving average is $8.65 and its two-hundred day simple moving average is $8.28. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.37 and a quick ratio of 1.25.

Reservoir Media Company Profile

Reservoir Media, Inc operates as a music publishing company. It operates through two segments, Music Publishing and Recorded Music. The Music Publishing segment acquires interests in music catalogs, as well as signs songwriters. The Recorded Music segment engages in the acquisition of sound recording catalogs; discovery and development of recording artists; and marketing, distribution, sale, and licensing of the music catalogs.